The eight-building, 128,294-square-foot Southrail Business Park industrial complex at 645-696 Marsat Court and 1548, 1564, 1580 and 1596 Jayken Way, Chula Vista 91911, has been sold for $11.2 million.
The buyer was MSC-Southrail OPCO LLC, c/o Focus Real Estate L.P., 3184H Airway Ave., Costa Mesa 92926.
The acquisition was financed with a loan of $7.79 million from MSC-Southrail HoldCo LLC, 121 SW Morrison St., Suite 1875, Portland, Ore. 97204.
As part of the financing, HFF announced it worked on behalf of the buyer to secure $4.1 million in joint venture equity with a regional joint venture equity fund. The HFF team led by director John Chun. HFF (Holliday Fenoglio Fowler, L.P.) is owned by HFF Inc. (NYSE: HF).
The seller of the property (622-230-01 through 04, 16 through 19, 38, 39 and 42) was Southrail Equities LLC, an entity of Westcore Properties LLC.
Darlo Longo, Barbara Emmons and Rebecca Perlmutter Finkel of CBRE represented the buyer and seller.
According to Westcore, Southrail consists of eight single- and multi-tenant industrial and warehouse buildings. The complex is 98 percent leased.
Westcore bought the 16.4-acre business park for $12.4 million in January 2002. At that time, the property consisted of 16 buildings totaling 224,451 square feet. Since its acquisition, Westcore has sold off half the buildings, including four in 2003 totaling 43,037 square feet for $3,801,500. The complex was constructed in phases in 1984 and 1987.